On a reported basis, the company's earnings were 44 cents per share
compared with 1 cent per share in the second quarter of fiscal
2012.

The Quarter in Detail

Net sales climbed 15% year over year to $543.5 million and
surpassed the Zacks Consensus Estimate of $534 million, driven by
the inclusion of sales from Schuh Group and a 4% rise in comparable
store sales (comps) for the quarter. This upside in comps mainly
came from a 2% rise in Lids Sports Group's comps, 6% growth in
Journeys Group's comps and an increase of 2% in Johnston &
Murphy Retail's comps. Additionally, comps for the Schuh Group in
July - the first month of its inclusion in the company's comps -
ascended 9%.

Selling and administrative expenses reflected a 9.2% increase
compared to the year-ago quarter, taking the aggregate to $256.9
million. However, as a percentage of sales selling and
administrative expenses improved, contracting 270 basis points to
47.3% compared with 50.0% in the second quarter of fiscal 2012.

Consequently, operating income rose significantly in the quarter to
$17 million compared with $1.7 million in the previous year.
Operating margin expanded 270 basis points to 3.1% from 0.3%
reported in the second quarter of the prior year.

Financials

Genesco ended the second quarter of fiscal 2013 with $47.2 million
of cash and cash equivalents, $95.0 million of long-term debt and
$737.7 million of shareholders equity. As of July 28, 2012,
inventories totaled $555.6 million compared with $475.0 million as
of July 30, 2011.

During the second quarter, the company authorized the buy back of
up to $75 million of its common shares, replacing the $35 million
authorization remaining under its share repurchase program that was
approved in October 2010. Following the announcement, to date, the
company has bought back nearly 346,000 shares valued at
approximately $21.5 million. Of this, about 346,000 shares were
repurchased in the second quarter for a total cost of $20.8
million.

Stores Update

In the reported quarter, Genesco opened about 21 new retail outlets
and shuttered nearly 15 stores. Additionally, the company acquired
a total of 12 retail units. Consequently, the company's store base
expanded to a total of 2,404 stores as of July 28, 2012, compared
with 2,386 stores as of April 28, 2012.

Outlook Raised

Bolstered by the company's second quarter performance, management
stepped up its guidance for fiscal 2013, pulling up the earnings
per share expectations to $4.88 - $5.00 from the previous range of
$4.70 - $4.82. The raised guidance also reflects a 19% to 22%
increase from $4.09 per share reported in fiscal 2012.

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